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Bitcoin price is attempting a fresh increase from the $42,000 support. BTC could gain bullish momentum if it clears the $43,300 resistance zone.

• Bitcoin price is attempting a fresh increase above the $42,750 resistance zone.
• The price is trading above $42,800 and the 100 hourly Simple moving average.
• There is a short-term rising channel forming with support near $42,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could continue to rise unless there is a close below the $42,350 support zone.

Bitcoin Price Remains Supported

Bitcoin price formed a base above the $42,000 level and started a steady increase. BTC was able to climb above the $42,200 and $42,500 resistance levels.

There was a move above the 50% Fib retracement level of the downward wave from the $43,740 swing high to the $41,888 low. The bulls were able push the price above the $43,000 resistance. There is now a short-term rising channel forming with support near $42,950 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading above $42,800 and the 100 hourly Simple moving average. Immediate resistance is near the $43,300 level. It is near the 76.4% Fib retracement level of the downward wave from the $43,740 swing high to the $41,888 low.

The next key resistance could be $43,750, above which the price could start a decent increase. The next stop for the bulls may perhaps be $44,000.

Source: BTCUSD on TradingView.com

A clear move above the $44,000 resistance could send the price toward the $44,200 resistance. The next resistance is now forming near the $44,500 level. A close above the $44,500 level could push the price further higher. The next major resistance sits at $45,000.

Another Decline In BTC?

If Bitcoin fails to rise above the $43,300 resistance zone, it could start another decline. Immediate support on the downside is near the $43,000 level and the channel trend line.

The first major support is $42,800 and the 100 hourly SMA. The main support could be $42,350. If there is a close below $42,350, the price could gain bearish momentum. In the stated case, the price could dive toward the $41,800 support.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $42,800, followed by $42,350.

Major Resistance Levels – $43,300, $43,800, and $44,500.

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Bitcoin price is consolidating above the $28,000 support. BTC could gain bullish momentum if it clears the $28,550 resistance zone.

• Bitcoin started a consolidation phase below the $28,500 level.
• The price is trading above $27,800 and the 100 hourly Simple moving average.
• There is a short-term contracting triangle forming with resistance near $28,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start a fresh increase if there is a clear move above the $28,550 resistance.

Bitcoin Price Aims Fresh Increase

Bitcoin price retreated and trimmed gains from the $30,000 resistance zone. BTC traded below the $29,200 and $28,800 levels to move back into a short-term negative zone.

However, the bulls were active near the $28,000 zone. A low was formed near $28,100 and the price started a consolidation phase. There was a move above the $28,250 level. The price tested the 23.6% Fib retracement level of the downward move from the $30,000 swing high to the $28,100 low.

Bitcoin price is now trading above $28,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $28,550 level. There is also a short-term contracting triangle forming with resistance near $28,500 on the hourly chart of the BTC/USD pair.

The next key resistance could be near $29,000 or the 50% Fib retracement level of the downward move from the $30,000 swing high to the $28,100 low. A clear move above the $29,000 resistance zone could set the pace for a larger increase. The next key resistance could be $29,500.

Source: BTCUSD on TradingView.com

If the bulls remain in action, the next stop above $29,500 could be $30,000. Any more gains might send BTC toward the $30,650 level.

More Losses In BTC?

If Bitcoin fails to rise above the $28,550 resistance zone, it could slide further. Immediate support on the downside is near the $28,350 level and the triangle region.

The next major support is near the $28,000 level. A downside break and close below the $28,000 support might send the price further lower. The next support sits at $27,600 and the 100 hourly Simple moving average.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $28,350, followed by $28,000.

Major Resistance Levels – $28,550, $29,000, and $29,500.